It was an early start for many of the delegates attending the Innovate Finance Global Summit this morning. Located in London’s Guildhall, the main event takes place in the quintessentially British ‘Old Library Stage’.
Janine Hirt, the charismatic CEO of Innovate Finance welcomed delegates in a packed hall. With the city of London bustling with commuters on their way to work just outside, Janine made a joke of how some delegates would not be let out of London after the event, on account of there being a tube strike in London starting later today.
Janine was very positive about where the UK is when it comes to financial services innovation, however she also warned that more was needed:
“We need more ambition around stablecoins, tokenization and digitalization,” Janine stated. “Additionally, we have to level the playing field for challenger banks. We need to be tougher in the fight against fraud, and we need to progress open banking.”
Janine next mentioned capital markets, new products, or growth. All of these things will need a combination of AI, tokenization, smart data, and digital verification, she explained.
She added how “we need more institutional investment funneling into our high-growth companies. We need to start championing and celebrating success now.”
In summary, Janine explained that one of the great things about the UK is the fact that we have an open and constructive dialogue between industry, regulators and government. Something she assured delegates would become abundantly clear as the day and week continue.
Next Global Fintech Giants Will Be Built in Britain
At last year’s IFGS, the Chancellor, Rachel Reeves, made an appearance and addressed delegates. This year the Chancellor couldn’t be present, but she prepared a special address that was broadcast to delegates instead.
In her address, the Chancellor thanked the audience for everything they were doing. She added how “Fintech is one of the most dynamic and exciting parts of our economy, and it’s an area where global firms actively want to invest.”
“As Chancellor,” she continued, “I know the global economy feels more volatile and more uncertain than it has in a long time. That is why, at the IMF recently, I made a case for global investors and innovators to choose Britain as a place to build their future. Our economic plan is built around three pillars: stability, investment and reform.”
“We’re determined to make the UK a world-leading destination for digital assets and have made delivering the tokenization of markets a strategic priority,” the Chancellor added. This is on top of PISCES that was already mentioned at the same event last year.
“My message to the fintech community today is this,” she summarized. “This government believes in your sector, values your contribution, and understands what you need to succeed. We will provide the stability that you ask for, the openness you expect and the partnership you deserve. Together we can ensure that the next generation of global Fintech success stories are not just headquartered in Britain but built in Britain too.”
Lucy Rigby Fireside: Tokenization, Digital Gilts, and Interoperability
Lucy Rigby KC MP, Economic Secretary to the Treasury, was the next person to take the stage. She sat down for a fireside chat with Janine Hirt and used the occasion to highlight how the UK’s success is because “we have embraced innovation”, and how Fintech is the latest wave of this innovation.
Lucy shared some of the things that the government is announcing today, including the appointment of Chris Woolard CBE as Wholesale Digital Markets Champion.
Lucy went on to share how stablecoins will be regulated for their use in payments. Additionally, £1 million in funding will be given to the Centre for Finance, Innovation and Technology (CFIT) from April. She also added how she would be helping streamlining regulation by setting out the government’s response to its consultation to bring the Payments Systems Regulator (PSR) into the Financial Conduct Authority (FCA).
In April, the UK’s Enterprise Management Incentive (EMI) and Enterprise Investment Scheme (EIS) have undergone major reforms to support high-growth companies. EMI enables firms to offer tax-efficient share options to employees, while EIS provides tax reliefs to external investors. Lucy explained how these initiatives are important in helping to strengthen the UK’s capital markets and “to make sure that we are getting capital into some of the places where you really want it to be, so it can drive growth.”
Lucy went on to share how she sees establishing the UK as a global center for AI as a huge strategic opportunity for the UK. She warned that the UK would get left behind unless “we embrace innovation now.”
Talk turned back to stablecoins, digital gilts and using blockchain technology. Lucy shared how Chris, the new Wholesale Digital Markets Champion, would be pivotal in supporting the interoperability between traditional financial services and blockchain. This is another strategic opportunity for the UK, she explained.
There are more high-profile speakers presenting their view of the markets and innovation to delegates throughout the day. For those looking on to find out what is happening in the UK, the news is good, innovation continues to be at the heart of everything that is happening in the UK.
One of the best ways to experience this at the #IFGS2026 event was by seeing how the FCA had a booth at the event as well. Not only a booth, but the regulator is also keen on meeting individual fintechs during the day. Not something you experience at events nowadays…
Perhaps Janine Hirt is right, and the collaboration between industry and government really does work like it should here in the UK.
Author: Andy Samu
See Also:
UK fintech backed to embrace future payments technology | Disruption Banking
